What is Belated ITR?
The designated deadline for filing the income tax return pertaining to the financial year 2022-23 was the 31st of July 2023. Should the original filing window be missed, individuals have the option to submit a belated return, which is a return filed subsequent to the original deadline (31st July), yet prior to the extended deadline (31st December). Belated ITR can be filed at any time before the end of the assessment year (usually until March 31 of the next year).
What are the consequences of Belated Return for individuals?
- Penalty: You may be liable to pay a late filing fee, depending on the delay. For individuals with total income up to Rs. 2.5 lakhs, there is no late filing fee. For individuals with total income above 2.5 lacs but up to Rs. 5 lakhs, the late filing fee is Rs. 1,000. For individuals with total income exceeding Rs. 5 lakhs, the late fee is Rs. 5,000 if the ITR is filed before December 31 of the assessment year. If the return is filed after December 31, the late fee is Rs.10,000
- Loss of Benefits: You will not be able to carry forward losses (Business and capital losses). However, for losses from house property, it can be carried forward even if you are filing belated return. Similarly, you will not be able to revise the belated return Beyond 31st December.
- Interest on Tax: You may be liable to pay 1% interest on the amount of tax due for the period of delay.
- Deductions/ Exemptions Disallowed: Deductions/ exemptions u/s 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID and 80-IE shall not be available if you delay ITR filing. These tax-saving benefits are allowed only if the ITR is filed before the original deadline.
What is the process to file a belated return?
It is a simple process! You need to follow the same process of filing a regular ITR. However, While ITR filing, you need to select return filed under 'section 139(4)' (Income Tax Return (ITR) filing after the due date). Please refer my blog Step by step guide for Return filing
Can I e-verify the belated return?
Yes, you can e-verify the belated return to complete the return filing process. It is mandatory to e-verify the belated return.
Can I claim a tax refund through a belated return?
Yes, you can claim a tax refund (if eligible) through a belated return. You must pre-validate your bank account to receive the refund, as the refund will be directly credited to your bank account added on the e-filing portal.It is essential to file your income tax return on time to avoid any penalties and to take advantage of various benefits. If you have missed the deadline, it is still better to file a belated return as soon as possible to minimize any further consequences. To understand the tax liability and tax calculation method for salaried people, please refer to the blog Income Tax Return filing for Salaried Employees
References
- Income Tax Tutorial Income Tax Tutorial Handbook
- Exemptions for Individuals Exemptions for Individuals
- Income Tax Calculator Income Tax Calculator
- Income Tax Refund Status
- Income Tax ITR Status user manual
Legal Disclaimer: The information provided is based on the current IT laws for FY 2024-25, FY 2022-23 and FY 2023-24 and readers should verify details with relevant authorities. Keep in mind that the process and options might vary slightly based on updates to the Income Tax e-Filing portal or changes in procedures, so it is a good idea to refer to the latest guidance available on the portal.